TIDMAMC
RNS Number : 2024N
Amur Minerals Corporation
23 September 2019
23 September 2019
AMUR MINERALS CORPORATION
(AIM: AMC)
Permanent Conditions TEO Update
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide exploration and development company focused
on the far east of Russia, is pleased to provide further
information on the Company's Permanent Conditions TEO ("TEO") work
programme and the inclusion of its results within the Definitive
Feasibility Study ("DFS").
The TEO is a priority task for the Company going forward and its
completion and submission to the State Committee on Reserves
("GKZ") is due in December 2020. The TEO is a Russian feasibility
study ultimately leading to the determination of reserves in
accordance with Russian requirements. The study is being compiled
by OOO Oreol ("Oreol"), the lead independent and certified Russian
company experienced in the compilation of such studies. Additional
work will be completed by other licenced agencies under the
direction of Oreol. This study will allow the Company to establish
a project design for use in the acquisition of the variously
required operational permits and the construction of the Kun-Manie
project ("Kun-Manie").
For further information on the content of the TEO, please follow
the link below:
https://amurminerals.com/content/wp-content/uploads/TEO-Overview-Sept-2019.pdf
Key TEO Study Areas currently in progress include:
-- Hydrogeology - covering hydrogeological conditions, surface
water and mine water quality, study work was commenced in Q2 2019
and expected to be completed in Q4 2019.
-- Rock Mechanics - covering the stability parameters of
underground workings and open pit designs, this was commenced in Q2
2019 with the report expected in Q4 2019.
-- Reserves Estimate - compiling resource estimates
incorporating the newly defined mineral zones identified during the
2018 field season. Resource modelling is underway. Oreol is
presently compiling the resource estimates for each of the three
deposits of Maly Kurumkon / Flangovy, Vodorazdelny and ISK (the now
linked Ikenskoe / Sobolevsky and Kubuk deposits). Completion is
expected in Q4 2019.
-- Metallurgical - historical metallurgical test work results
have been reviewed and the additional metallurgical test work has
been awarded to Gipronickel Institute (a subsidiary of Norilsk
Nickel). The test work will be defining physical characteristics of
the ore, the suitability of generating individual nickel and copper
concentrates, the composition of the final concentrates and metal
recoveries. Two bulk samples have been shipped with the test work
commencing in early Q4 2019.
-- Environmental - the required maiden assessment of the impact
on the mine site area environment is underway.
The results of this work as they become available will provide
inputs into the TEO study areas of:
-- Mining - identifying the preferred mine plan and production
schedule for reporting of the GKZ approved reserves.
-- Flowsheet - establishing the final metallurgical flowsheet
providing a blueprint for the processing plant and tailings storage
facilities.
-- Economics - updating the economic assessment of Kun-Manie
based on newly generated information contained within the TEO.
In February 2019 the Company completed its comprehensive
Pre-feasibility Study ("PFS"). This significant milestone
established the Kun-Manie project was both technically and
economically viable. In addition, it provided a platform for
planning and defining the TEO work programme. During the final
stage of the PFS compilation, a comprehensive review of the
Company's global data base was undertaken and reviewed by Oreol
with the final information package being submitted to Oreol for use
in the derivation of the TEO.
Concurrent with the comprehensive data review, the Quality
Assessment Quality Control ("QAQC") programmes for 2015 through to
2018 were audited by independent and certified laboratories. This
QAQC review had not previously been fully implemented in accordance
with Russian Federation requirements set by the GKZ. All original
analytical and verification assays have now been completed and are
projected to fall within the five per cent error limits ensuring
all information is suited for reserve estimation.
As noted in the Company's announcement on 16 September 2019,
various components of the TEO completed on behalf of the Company
will be used to update relevant sections of the PFS with the
objective of bringing the existing PFS document to that of a DFS
standard.
Robin Young, CEO of Amur Minerals Corporation, commented:
"With Oreol's and Gipronickel's metallurgical test work
programme underway, the Company can now turn its attention to
non-TEO area related considerations. Throughout the year,
discussions with various parties have been held. Under various Non
Disclosure Agreements, access to the full PFS and data room have
been conducted allowing us to identified areas of mutual interest
that we believe will be beneficial to pursue and ensure to include
in the TEO and the follow on DFS. This includes various trade-off
analyses between initial capital expenditure and operating costs,
production mixes and scale of production. I look forward to
updating the market on this once we have finalized our approach to
this work."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Lindsay Mair Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 7138
+7(4212)755615 +44(0)20 3470 0470 3203
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges and a qualified person as
defined by the AIM Rules for Companies. An employee of Amur for 15
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement.
For further information, see the Company website at
www.amurminerals.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEAENAAFKNEAF
(END) Dow Jones Newswires
September 23, 2019 02:01 ET (06:01 GMT)
Amur Minerals (LSE:AMC)
Historical Stock Chart
From Apr 2024 to May 2024
Amur Minerals (LSE:AMC)
Historical Stock Chart
From May 2023 to May 2024